Tesla’s first-quarter sales rise more than 70%

Tesla Inc. stock fell late Monday after the Silicon Valley electric automaker reported earnings above expectations in the first quarter, but sales slightly missed the mark.

Tesla
TSLA, + 1.21%
The company earned $ 438 million, or 39 cents per share, for the quarter, compared to $ 16 million, or 2 cents per share, for the year-ago quarter. Adjusted for one-off effects, the company earned 93 cents in the first quarter.

Revenue increased 74% to $ 10.39 billion from $ 5.99 billion a year ago. Tesla relied on “substantial growth” in vehicle sales, it said in a letter to shareholders. Asking prices for its vehicles fell 13% year over year, but margins rose and costs “fell even faster,” Tesla said.

Analysts polled by FactSet had expected the company to post adjusted earnings of 75 cents per share of sales of $ 10.48 billion.

Sales of the revamped Model S luxury sedan will begin “soon,” and the production rate of Model Y, Tesla’s compact SUV, will continue to improve at the Shanghai plant. Tesla’s new factories in Berlin and Texas “are making progress,” the company said.

“There’s a lot to look forward to in 2021,” said Tesla. The Model 3 was the best-selling premium sedan in the world, and the Model Y may become “the world’s best-selling vehicle of all kinds,” the company said. Sales of the Tesla Semi, the company’s commercial vehicle, are slated to begin this year.

Sell ​​part of the bitcoin
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The company had amassed earlier this year and, according to Tesla, also had a “positive impact” at around $ 101 million.

The company maintained its sales prospects, saying it plans to increase its manufacturing capacity “as soon as possible”. Over a “multi-year horizon, we expect an average annual growth in vehicle deliveries of 50%. In a few years, we may grow faster, which is what we expect in 2021. “

This growth rate will depend on plant capacity, operational efficiency and capacity and the stability of the supply chain.

It was a seventh quarter in a row for Tesla. The company has scheduled a conference call with analysts at 5:30 p.m. Eastern. The call will be Webcast.

Do not miss: Tesla and Big Tech are on the brink of the busiest week of earnings season

Tesla reported first quarter shipments earlier this month that exceeded analysts’ expectations, but the stock has been volatile in recent sessions.

See also: Here is Elon Musk’s ‘SNL’ opening monologue (as edited by the SEC)

A recent fatal crash The involvement of a Tesla vehicle in Texas that authorities believe no one was behind the wheel has re-examined Autopilot, Tesla’s suite of advanced driver assistance systems.

The company said in the letter it is continuing to work on its “Full Self Driving” beta suite to “soon” be more widespread in the US

Autopilot has been criticized in a number of areas for giving some drivers a false sense of security and for having its name implying self-driving skills well beyond the suite’s current capabilities.

US security agencies are investigating several accidents involving Tesla vehicles that may have involved autopilot. Tesla makes it clear that drivers using autopilot must be alert and ready to take control at all times.

The stock is up 410% over the past 12 months, compared to a gain of around 48% for the S&P 500 index
SPX, + 0.18%
in the same period of time.

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